Views: Visits 13 Eurobonds CardinalStone Partners Limited has announced the listing of the CardinalStone Financing SPV Plc N5 billion Series-I Bond on FMDQ Securities Exchange Limited . The company, in a statement, said it successfully closed its Series-1 Bond, which is the lowest priced bond by any non-bank financial institution in Nigeria for a similar tenor in the last ten years. The bond, which is the first tranche of the company’s N10 billion bond issuance programme, is a 5-Year 7% Fixed Rate Senior Unsecured Bond due 2025. READ ALSOSanwo-Olu flags off construction of new 150 bed Massey Street Children’s Hospital By virtue of this listing, the company’s bond has been successfully admitted to the Daily Quotations List of the FMDQ and this means that investors who already hold the Bonds can trade them while new investors have an opportunity to buy the Bonds on the secondary market. Commenting on the bond issue, the Managing Director of the
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The Central Bank of Nigeria (CBN) has for six years missed its six to nine per cent single digit inflation rate target. At 14.89 per cent in November, which is 32-month high, inflation upswing has not only eroded savings account depositors’ interest income but triggered new wave of investments in alternative assets. Mutual Funds, Eurobonds and commodities markets are new choices for investors and savings account depositors seeking higher yields to protect their funds from inflation-induced capital erosion. Foreign investors are also buoyed by higher returns in Nigeria which remains an incentive for sustained capital inflows. With Nigerian Treasury Bills (T-bills) yield now below one per cent per annum, savvy fund managers, savers and investors need to work smarter to beat rising inflation with higher good returns on investments, writes